Report: Hanjin Looking to Shut Down European Ops

Image courtesy of Hanjin Shipping

Some two months after filing for court receivership, the financially troubled Hanjin Shipping is looking to close its European operations, Yonhap News Agency cited industry sources.

South Korea’s former shipping giant has reportedly asked a local court for permission to sell and liquidate its European operations.

The move follows the ailing container carrier’s decision to sell its stake in the Port of Long Beach container terminal in California as part of the efforts to stay afloat.

Namely, a spokesperson for shipping major Mediterranean Shipping Company (MSC) confirmed reports that the company is in talks to acquire Hanjin Shipping’s 54 percent stake in Total Terminals International LLC, the operator of the terminal.

Hanjin Shipping succumbed to the prolonged depression in the shipping market and filed for court receivership in late August after its creditors, led by KDB, said they would not provide additional financial support to Hanjin starting from September 4.

The move resulted in some 97 of the company’s container ships being left stranded across the globe and unable to load or offload containers.

Source: World Maritime News (LF)

Source: World Maritime News